Inreon, the creator of an online insurance trading platform, has joined ACORD, the global insurance standards body, to participate in defining e-commerce standards for the international reinsurance sector.
The move will see inreon members participate in the expansion of existing industry standards to include data fields currently used on its Internet-based trading platform.
Inreon CEO Rob Bredahl said: "We are delighted to team up with ACORD. The establishment of global industry standards based on real business requirements and cutting edge technology benefits the whole reinsurance industry.
"As the industry's leading Internet-based trading platform, inreon is dedicated to facilitating the electronic placement and servicing of risks. We believe our involvement with ACORD will enable us to play a pivotal role in driving standardisation in reinsurance processes and data transactions."
Inreon's main aim will be to support ACORD's efforts to develop and deploy standards for the use of computer language XML within the reinsurance industry. ACORD has already established a data dictionary for which most of inreon's own XML data has been matched.
President and CEO of ACORD, Gregory Maciag, said that the growth of e-commerce had made standards more important than ever before.
